Some cryptocurrency scams target the entire cryptocurrency sector. However, in most cases, these scams make their money off of the new comers to the industry, regardless of who they target. That’s what makes the Cryptocurrency Institute (also known as Cryptocurrency Codex) scam such a dangerous one. In our investigation, it became very clear that not only is the alleged earnings system a scam but their primary audience was beginners. This is horrible not only for the victims, but for the entire cryptocurrency sector that is currently under scrutiny from scams just like this! Today, we’ll talk about:
- What Cryptocurrency Institute / Cryptocurrency Codex claims to be;
- why it’s clear that the earnings system is a scam;
- why these types of scams are horrible for the cryptocurrency space as a whole;
- and Scout the Scam Sniffer’s final thoughts.
What Cryptocurrency Institute Claims To Be
When seeing the name Cryptocurrency Institute, the name of the company does’t quite portray what the company actually says it is. However, when looking at the second name of the company, Cryptocurrency Codex, it makes more sense. According to the company’s website, Cryptocurrency Institute is actually a trading software, and if you read their landing/sales page, it seems pretty convincing.
On their landing page, Cryptocurrency Institute claims that with a small investment of only $47, beginners have the ability to get their hands on software that could make them millions. Touting the supposed success rate of the system, the first sentence seen on the company’s website is “Learn The Risk Free “LOOPHOLE” To Turn $20 Into $100,000 In Just 3 Months!” However, as you soon learn, things aren’t always as they seem.
Cryptocurrency Codex / Cryptocurrency Institute Is Clearly A Scam!
As Scout the Scam Sniffer (the CryptoScamSniffer.com Team) started to investigate Cryptocurrency Codex, it became very clear that this thing was a scam. In fact, the first sentence on the website, quoted above, is one of the first signs of scams that Scout looks for! A tell-tale give away that a service is a scam is unrealistic promises.
Throughout the Cryptocurrency Institute website, promises are being made like “turn $20 into $100,000 in just 3 months”, “our team of international analysts and researchers are proud to report a 96% success rate with the average return across the board being over 759%”, and much more. At the end of the day, the Cryptocurrency Codex website is flooded with promises of unrealistic returns.
Another issue that jumped out at us was aggressive marketing tactics. Throughout the website, there are various instances of aggressive language, designed to push the user to make a decision to buy the software the moment they see it. Then, the most blatant aggressive and unethical marketing practice is a last ditch attempt to squeeze as much money as they can from visitors by offering a deep discount when the user tries to leave the website through a fishy looking pop up. See the image below.
“Look! You Qualify For An INSANE Discount!” are the words strewn across the pop up. So, how did you qualify? You weren’t willing to fall for the scam in the beginning so they are making a last ditch effort to get you to fall for it as you leave!
While the above signs are blatant signs of scams, the most blatant is the fact that due to them getting caught with a fake founder, the company changed the name of the founder on their website. At the moment, the website claims that Pat Kendrick, a retired economist, created the website. With a simple search on Google for Pat Kendrick, you’ll find various YouTube videos like the one in the screenshot below.
Hmm, this guy looks a lot like Nate Martin, the guy in the video below who was supposedly the founder of the software when the website first launched.
So, who is Nate Martin or Pat Kendrick? Well, those aren’t real names. The guy in the video is a paid actor that makes money by peddling this scam!
Why These Scams Are So Dangerous For The Cryptocurrency Market
While scams are always dangerous to the victims that fall for them, these types of scams are incredibly dangerous for the cryptocurrency sector as a whole. At the end of the day, they target beginners, putting a bitter taste in their mouths when losses are generated. On top of that, scams like these are running rampant through the cryptocurrency space. This is a huge issue! It’s the reason for all of the skepticism and regulatory concerns that we are seeing today. At the end of the day, scams like Cryptocurrency Institute / Cryptocurrency Codex, are damning to the industry as a whole.
Scout’s Final Thoughts
Scout the Scam Sniffer was hopeful that when digging into this scam, he would find a legitimate service. However, from the beginning of the investigation, it became clear that this was anything but legitimate. Any time a website claims to have a tool that can provide unrealistic gains in an even more unrealistic period of time, it’s likely a scam. Digging deeper, we found unethical marketing practices, and most damning, we found that the founder of the scam lied about his name and continues to do so through the use of a paid actor. All in all, the verdict is in, Cryptocurrency Institute / Cryptocurrency Codex is a shameless scam!